How does taxation work with cryptocurrencies?
-
I am new to this crypto world and want to invest in bitcoins. I started investigating by myself through Google and articles. I have opened an account at Bank of America for cryptocurrency exchanges. Before investing, I have one question regarding the cryptocurrency taxation.
What is the process of taxation? Does it apply to the transfer of funds from a cryptocurrency exchange to a bank account, or does it only apply to the profits derived from the sale of tokens? So any expert, please share your thoughts.
-
In the States, cryptocurrencies are considered taxed property. This means you must pay taxes on any profits you make from selling or trading bitcoin. There is no tax on just moving money from an exchange to your bank account; taxes apply to any earnings from trading or selling. You must maintain a record of your transactions for your tax returns, allowing you to track any gains or losses.
Hello! It looks like you're interested in this conversation, but you don't have an account yet.
Getting fed up of having to scroll through the same posts each visit? When you register for an account, you'll always come back to exactly where you were before, and choose to be notified of new replies (either via email, or push notification). You'll also be able to save bookmarks and upvote posts to show your appreciation to other community members.
With your input, this post could be even better 💗
Register Login